Wall Street Dips on 'Fiscal Cliff' Overhang, Apple Shares Drop

Category: Markets / Finance / Dec 14, 2012 11:35AM EDT
Wall Street dipped at the open on Friday (December 14) as investors digested the latest round of economic data, while concerns about a lack of progress by politicians in ongoing fiscal negotiations remained at the forefront. Apple (AAPL.O) was down 2.8 percent at $515.11 as the company struggles to gain market share in China. The iPhone 5 was officially released in China on Friday (December 14), and Apple is fighting for market share with Samsung and other smartphone giants. Consumer prices fell in November for the first time in six months, but a separate report showed manufacturing grew at its fastest pace in eight months in December. The Dow Jones industrial average dropped 7.22 points, or 0.05 percent, to 13,163.50. The Standard & Poor's 500 Index dropped 3.65 points, or 0.26 percent, to 1,415.80. The Nasdaq Composite Index dropped 16.49 points, or 0.55 percent, to 2,975.67.